1946-12-19 — Page 1

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Thongkong Telegraph G

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VOL. I NO. 70

THURSDAY, DECEMBER 19, 1946.

NEW PHASE OF WORLD-WIDE MONETARY CO-OPERATION EXCHANGE RATES UNO's Workings TRANSPORT

ACCEPTED BY FUND

MEMBERS SUBMIT INITIAL

PAR VALUES

London, Dec. 19.

The International Monetary Fund, opening a new phase of worldwide financial co-operation, an- nounced last night that it would begin exchange transactions at rates existing on March 1, 1947.

Thirty of the 39 members submitted initial par values at the existing rates of exchange. Eight others were granted more time to determine theirs and one country, Uruguay, has not determined its initial value pending legis- Jative proceedings,

to

gold

Brazil, China, the Dominican French franc: 4,168,74 Republic, Greece, Poland, Yugo-ounce and 119.100 to the dollar; Slavia,

Netherlands guilder: France. in respect of

021.9498 to French Indo-Ching, and then utance and 2.65206 to the dollar;

United Kingdom and South Africa Netherlands in respect of the Union pound: 8.60485 to gold ounce Netherlands Indies, requested and 0.248130 to the dollar:

Indian rupee: 115,798 to gold ounce more time to determine, Initial

and 3.30852 to par values.

to the dollar, The initial

values par cases, those which have been pro- are, in ult posed by members, and they are based on existing rates of exchange," the announcement said.

Criticised By Smuts

Pretoria, Dec. 18,

BILL AGREED

V-2 ROCKET.

TESTED AT 3600 MPH

White Sands,

New Mexico, Dec. 18.

A rocket, flying at a speed which would take it from Lon- don to Bombay in one hour and to Shanghai in an hour and a

TO IN COMMONS half, was fired by the United

States Army hero during the night, it is officially announced.

London, Dec. 18.

A variety of the German V-2 wea- General Jan Smuts, Prima The British Government's bomb ntine) on London during the pon which carried out long range Minister of South Africa, broad: bi to nationalise. Inland trans-war, the ro it was let off over the casting to-night on the United port, which Mr Anthony Eden.desert where he first atom bomb had Nations decisions

1 sensational try-out last year? Du South for the Opposition, described as west Africa and South African "a national

The authorities claimed two recurds disaster," was for last night-an altitude of 119 Indians, said: "We found agreed to in principle by the miles and a speed of 5,350 feet per unbelievable misunderstanding House of Commons to-night second or gore than 3,600 miles per about race and colour conditions when it

hour. was given a second and their handling in South reading. Africa. We found a solid mass of prejudice against the colour policies of South Africa, which not even the most efficient pub. licity could have broken down in the time at our disposal."

Of the United Notions rejection of South Africa's proposal for in- corporating South-west Africa in the Union,

General Smuts sald: "The Union Government is determined to maintain at least the position given it under its mandate and to discharge the trust it has undertaken to the Inhabitants of South-west Africa and South-west Africa is essential." to the Union itself to whose security

concerning the Indian Government's Beckles being unfair to the Union

treatment of omplaint about the Indians in South Africa, the United very foundation on which the United Nations Assembly had struck at the

Charter. Nations was established under the

Jeet the bill was defeated by 362 The Opposition amendment to re- votes to 204.

ding Committee made up of about The Bill will now go to the Star- 50 members of all parties to be de- bated point by point.

Mr Eden said the Bill was an "I- conceived, ill-considered and 11- timed" proposal. If the Government were really determined to nationalise the railways let them do it in a bill which had not been riddled by every critle und person not an ardent Go- vernment supporter.

Amid loud and prolonged Oppost- tion cheers, Mr Eden said: "it is

drafted, it carried into law, will be my utter conviction that this Bill as

nothing less than a major national disaster."

war

"This is the first time that a large number of nations have submitted their exchange rutes to considera- tion by an international organisation and thus a new phase of Interna- The acceptance of these rates is

Morrison, the Lord President of the tional monetary

co-operation has not, howtoe by the Fund that all the

Winding up the debate, Mr Herbert to be Interpreted us

Council, said that before the „begun," the qudouncement anid..

"The

major

rates will remain unchanged."-Asso- significance of the preuarantee

British railways lacked a good deal the particular ciated Press.

The United Nations had assumed of efficiency and were capable of sent step is not in rates of exchange which are an-

Changes In Values

the guilt of the Union and had denied material improvement. nounced, but in the fact that the

Declaring The fund recognises that changes

lier the most elementary and that the railways had sometimes been Part nations have now fully in par values may subsequently be- fundamental rights of access to unwilling to modernise and improve regime wherein they come necessary and it is just ut established authority of the Inter- themselves, Mr Morrison sald miles are pledged to promote exchange such times that the fund can be most national Court of Justice. The last and miles of railway ought to have stability, to make a ap changes in the useful in seeing that the necessary ex-word on these matters had not yet been electrified years ago. As long par values of their currencies except change depreciation is avoided." adds been heard in the Assembly, General as a competitive system remained, in accordance with the Fund agree- Reuter.

Smuts declared,

there was no guarantee that trans- ment and to usuist cach other in at-

port needs of a less remunerative taining the general objectives of the

kind would be met. Fund.

Par Values

With the announcement came the following schedule of par values.

Belgian frane: 1.553.30 to Lroy "ounce of the gold and 43.8275 to the

United States dollar;

Canadian dollar: 35 to gold ounce and one to the United States dollar;

Still

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UNO Criticised

"In the present circumstances, how- ever, sucli disparities do not have the sune significance us in normal limes. For practically all countries, exports He criticised the working of UNO, are being Kmited mainly by the dif-asserting that in recent UNO debates cultles of production or transport,

the talk was out of all proportion to and the wide gaps which exist in results. game countries between the cost of needed imports and the proceeds of exports would not be appreciably (Confianed on Page 4)

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will evolve

General Smuts declared: "UNO has much to learn and one hopes which will avoid much of the dis

a working technique heartening mistakes now being made At the beginning."

The new commission which would control transport would be able to put in hand a bold and considered programme of transport development which would have been utterly Im possible in the condition of the trans- port industry between the war,

with any abstract, dogmatic or doc- "We have brought in this BIH, not On the Soviet attitude towards the trinaire bellefs, but because we be-

veto

cil, General in the Security Coun-Jieve it will improve the efficiency

It has not yet been disclosed as to what has happened to the small me- to! slugs which Army representatives stated before firing it was hoped to hurl from the nose of the rocket in an flips to overcome the earth's gra- vitational force..

If the experiment succeeded, some of these slugs should now be soaring into space while others not quite so fast would be circling the earth as miniature and invisible mocns,--Reu- ter.

NEW AIR SPEED

RECORD FOR

JET-PLANE

London, Dec. 10. The pilot of a British jet-propelled Meteor plane claimed an air speed record of 520 miles an hour between Le Bourget airfield and Croydon, 25, covered the approximately 200 London, yesterday. J. Bridge, aged

miles in 23 minutes and 37 seconds.- Associated Press.

Royal Engagement

Rumour Premature

Loudon, Dec. 10: Prime Minister Clement Attlee and his Cabinet have not been von- aulted about

an engagement for Princess Elizabeth, official sources

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Replacement Of Franco Discussed In Spain

By British Diplomats

TALKS AT ONE TIME HOPEFUL

.

London, Dec. 18. British diplomats in Madrid have been meeting leaders of the Spanish political parties to explore the' possibility of forming an interim coalition govern- ment to replace Generalissimo Francisco Franco, a ̈ government source said to-day.

This source said consultations had been proceeding for a "considerable period" and at one time appeared hopeful. However, the informant said,

a United States blast at Spain-

presumably that of the Security Pope To Deliver

Xmas Message

Council last June-reversed the

lense of life. situation and gave Franco a new

were

United Nations actions so for ap parently had only strengthened Franco's hand, enabling him to go before the people and Army with the claim that foreign nations trying to dictate to Spain.

Britain hoped a broadly based callion

government comprising the Right Centre to parties from fer Centre could be formed to take over Spain from Franco until free elections could be held.

по

To World

Vatican City, Dec. 18 Pope Pius XI, receiving Cordinals and Frelates of the Roman Caria on Tuesday, December 24, will give a Christmas message to be broadcast to the world.

The Obervatore Romano sald that the Pontiff would, at that time, ro celva the Christmas greetings of the Princes and high prelates of the Ca- thoife Church in Rome.

STOP PRESS

The source said he presumed United States diplomats similarly had been exploring the possibility of nn interim government. Such con- wultations with political leaders were necessary to enable the government

The Hope's message will be broad- to determine what stand to take on Spain in United

ited Nations discussions. cast by Vatican Radio beglaring at The

declined to any 10 am. GMT-Associated Press. informant whether

ether the British diplomatic mis- sion had met with Left Wing Spanish underground rid. He said, however, there could representatives in Mnd- bo no hope of including either ex- treme Left Wing or extreme Right Wing representatives in the interim government. British

consultations with Spanish political leaders were still continuing despite the decision to recall the British

Sydney, Dec. 10. Ambassador, Sir Victor

There was slight moisture on the Mallet, in line with the United ground this morning, but it tended Nation's resolution.

The source conceded the consulta- witket. Edrich, continuing England's to improve, rather than damage, the flons might be contrary to usual second innings with Hammond, made diplomatic custom,

but said Spain four this morning to take his score was rather a

case since the to 90, while Hammond made eight, British

British

SYDNEY TEST SCORES

"mado Cover repeatedly had his score, being. 23.-Three-wickets -

it detested are down for 201-United Press.

Later.

the France regime and hoped to sce П coalition caretaker government Hammond was dismissed this mor replace him pending free elections.

It was disclosed that the consulta-mond, e Toshack, b McCool 37; Ed- ections. ning after scoring 37. Scores: Ham- tions were being held only because rich, not out 95; total 280 for four Mr Morgan Phillipe, secretary of the wickets.--Unlied Press. Labour Party, apparently inndver-

Later tently hinted at British action within Spain

in his

hla reply rebel Labotirites criticism

yesterday to

to the of the British

toward Franco. said yesterday and, as a result, the Mr Phillips said: "Britain is the rumours that she would marry only power in the world Prince

which is Philip of Greece

continuously working both inside Denmark must be regarded as pro- and outside Spain for a means of re-out-leuter.

moving Franco. But we will not support gesture which positive results, It is no use Britain Imposing economic sanctions

(Continued on Page 4)

Smuts commented: "We of public services," said Mr Morrison, ean but hope that the outery in the adding that the Opposition had no Assembly will have its effect, other produced any practical alternative. wise, the lack of confidence in the He mt down amid loud cheers from Council will continue to grow and Government supporters.--Reuter. it will come to be looked upon as no real means

of security so long us uny great power can arbitrarily veto men-breath-taking change of front may sures to prevent an outbreak of war, menn the greatest step forward ever "The present uncertainty will dis-taken towards a peaceful world or credit not only the Security Council, der, but details are still to be worked but the UNO itself and sooner or out. It may be we bave turned one later lead to its decay."

by of the great corners in modern his- Discussing Russia's

apparently tory, but this could only be If complete change of polley on disar-loopholes are left in the new system." martient, General Smuts said: "This -Heuter.

no

Economic Outlook "More Than Ordinarily Favourable"

Washington, Dec, 18.

President Truman's Council of Economic advisers to day predicted a "more than ordinarily favourable" outlook. for jobs and production for some years ahead, although a temporary set back might come in 1947.

The board of three economists told.terprise with the government in a the President that courageous and supporting, tpark-plugging role, the sensible netion by business and:Council indicated. labour could hold the recession tu moderate. proportions, if not avert I prosperity in the near future are of "We suggest that Implements to altogether.

G.

Tho report was submitted by an Advisory Board headed by Dr Edwin Nourse, who was given the task of reporting on economic trends and advising the Legislature and Execu

without benefit of direct government Intervention through the practical | wisdom

the sort that must be worked out

mature.

and

that

A government source sald It had been assured "very recently" Admiral Lord Mountbatten, Prince Philip's uncle, that there was nothing to "the report of an engage- ment, although Lord Mount- batten had been described as-strong- ly favouring his nephew's marriage 10 the future Queen,

Some objections to Prince Philip as Royal Consort has -been voiced in Left Wing circies on the ground that he would form a link with the Greek Royalist Govern→ ment--Associated Press.

Singapore Knows Nothing Of Sarawak Ban

Singapore, Dec. 18,

A Government spokesman stated

regarding the Sarawak Government's

farmers and financiers."

of management, labour, to-day that nothing was known here tive on steps to insure maximum The report provided the economic ban on the visit of Mr Anthony background for the Council's con- Brooke-former Rajah Muda-to Sa- About the possible setback next Adential report to President Truman, rawak. year, the report said: "Broad base which he will use in preparing his conditions suggest that it will be easy own economic report to the new

production and employment.

Circles connected with the Brooke

to have somo years of high produk Congress which convenes in Janu-family in Singapore stated, how- tion, employment and purchasing | ory.

two

ever, that Anthony would scok #1 clarification of his position in Singa- poro and would try to ascertain why the ban. had been imposed.:

power without the display of extraor= The Council rejected the dinary economic statesmanship - by traditionn views of business cycles. leaders of industry, labour, forming Firstly: What it termed the and finance."

partan theory in which business- men accept recurrent awing, its fatalistically."

Soon after his arrival hero--ex- pected to-day--Mr Anthony. Brooke, It is believed, will meet the Colonial Secretary of Singapore or the Secre tary-General to the Governor, Gent- ral Hoffman-Reuter. -

Vet the policy of being content with less than nationwide high pro duction in those years could produco Secondly: The Roman "bread and a subsequent period of "serious un circuses! view that the government employment under-production and can so manipulate Its spending and wani

taxing as to rellevo citizens of all The Rajah, who is now in Hong- Traditional Views Rejected responsibility The promise of a long term future

"We bellove the great body of ong has been refused a visa unless free from swings of boom

of hò gives pri'nskuranto that he will and American thinking runs towards not engage in any political contro-

depression foundation

must be based on a more balanced middle view the very regarding Barawak while i of free competitive en-Council asserted-Associated Press. Singapore.

have no

when

Edrich reached his century "amid a great ovation from the crowd. Sesres: Edrich, not out 109; J. T. wickets-United Press. Ikin not out 6; total 201 for four

Later. England, 300 for 5 wickets Ikin

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